ISLAMABAD - The Oil and Gas Regulatory Authority (Ogra) Wednesday proposed Re1 per liter increase in the price of petrol while Rs0.27 increase in the price of High Speed Diesel (HSD) for November.

OGRA has, however, recommended reduction in the prices of Super Kerosene Oil (SKO) and Light Diesel Oil (LDO) for the next month. Ogra has sent the summary to the Ministry of Energy (Petroleum Division), which would be then forwarded to the Finance Ministry for approval. The ministry would decide on it today (Thursday).

Ogra has proposed a reduction in the price of Super Kerosene Oil by Rs2.39 per liter (2.4 percent) and Rs6.56 per liter (7.14 percent) in the price of Light Diesel Oil.

If the government accepts this recommendation, petrol price will go up from the existing Rs113.24 per liter to Rs114.24 per liter; that of diesel from the current Rs127.14 per liter to Rs127.14 per liter.

Authority recommends cut in prices of SKO, LDO

The price of Light Diesel Oil, which is mainly used for industrial purposes, will come down to Rs85.33/liter from the present Rs91.89/liter, while that of Kerosene Oil will come down from the current Rs99.57 to Rs97.18 per liter. Kerosene Oil is used for cooking purposes, especially in remote areas where LPG or pipeline gas is not available.

The price of Brent Oil in the international market on October 30 was $61.15 per barrel, while it was $62.22 per barrel on September 27, $60.14 on August 30, and $64 per barrel on July 30. Earlier, in April and June, it was hovering around $72 per barrel.

However, the government is unlikely to increase the price of petrol and HSD as it had rejected Ogra’s summary for price reduction for October, and had said that the decision to maintain the prices had been taken to offset expected price hike in November. For October Ogra had proposed Rs2.55 per liter decrease in the price of petrol, Rs3.23 cut in the price of High Speed Diesel (HSD) and Rs2.41 reduction in the price of Light Diesel Oil (LDO).